Analysts at Jefferies Financial Group started coverage on shares of Genco Shipping & Trading (NYSE:GNK – Get Rating) in a research note issued on Wednesday, The Fly reports. The firm set a “buy” rating and a $25.00 price target on the shipping company’s stock. Jefferies Financial Group’s price target would suggest a potential upside of 30.82% from the stock’s current price.
Other equities analysts have also recently issued research reports about the stock. StockNews.com raised shares of Genco Shipping & Trading from a “hold” rating to a “buy” rating in a research note on Wednesday, July 13th. Clarkson Capital reissued a “buy” rating on shares of Genco Shipping & Trading in a research note on Tuesday, June 14th. Finally, B. Riley boosted their price target on shares of Genco Shipping & Trading from $27.00 to $31.00 in a research note on Friday, May 6th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $28.00.
Genco Shipping & Trading Stock Performance
NYSE GNK opened at $19.11 on Wednesday. The company’s 50 day moving average is $20.93 and its 200-day moving average is $20.24. Genco Shipping & Trading has a 12-month low of $13.21 and a 12-month high of $27.15. The company has a quick ratio of 2.16, a current ratio of 2.78 and a debt-to-equity ratio of 0.20. The firm has a market cap of $804.53 million, a P/E ratio of 3.68 and a beta of 0.97.
Genco Shipping & Trading (NYSE:GNK – Get Rating) last issued its quarterly earnings data on Wednesday, May 4th. The shipping company reported $0.97 EPS for the quarter, missing the consensus estimate of $0.98 by ($0.01). The firm had revenue of $97.76 million for the quarter, compared to analysts’ expectations of $95.11 million. Genco Shipping & Trading had a net margin of 37.21% and a return on equity of 25.50%. Sell-side analysts predict that Genco Shipping & Trading will post 4.62 earnings per share for the current year.
Insider Transactions at Genco Shipping & Trading
In other news, CEO John C. Wobensmith sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $25.14, for a total value of $2,514,000.00. Following the sale, the chief executive officer now directly owns 399,099 shares of the company’s stock, valued at approximately $10,033,348.86. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO John C. Wobensmith sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $25.14, for a total value of $2,514,000.00. Following the sale, the chief executive officer now directly owns 399,099 shares of the company’s stock, valued at approximately $10,033,348.86. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO John C. Wobensmith sold 45,000 shares of the business’s stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $25.15, for a total value of $1,131,750.00. Following the completion of the sale, the chief executive officer now directly owns 399,099 shares in the company, valued at $10,037,339.85. The disclosure for this sale can be found here. Insiders have sold a total of 148,500 shares of company stock valued at $3,732,515 in the last ninety days. 2.50% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Genco Shipping & Trading
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Trust Advisors LP purchased a new stake in Genco Shipping & Trading during the 1st quarter valued at $10,469,000. Victory Capital Management Inc. increased its stake in shares of Genco Shipping & Trading by 1,177.9% in the 1st quarter. Victory Capital Management Inc. now owns 441,690 shares of the shipping company’s stock worth $9,730,000 after purchasing an additional 407,125 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new stake in shares of Genco Shipping & Trading in the 4th quarter worth $5,317,000. Cubist Systematic Strategies LLC increased its stake in shares of Genco Shipping & Trading by 1,275.7% in the 4th quarter. Cubist Systematic Strategies LLC now owns 244,687 shares of the shipping company’s stock worth $3,915,000 after purchasing an additional 226,901 shares in the last quarter. Finally, Invesco Ltd. increased its stake in Genco Shipping & Trading by 454.3% in the 1st quarter. Invesco Ltd. now owns 274,154 shares of the shipping company’s stock worth $6,476,000 after buying an additional 224,698 shares in the last quarter. 75.90% of the stock is owned by institutional investors.
About Genco Shipping & Trading
Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns and operates dry bulk carrier vessels to transports iron ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.
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